Oil Market Moves to Surplus on Russian Crude Flows: IEA

The video discusses the current surplus in the oil market due to Russia's crude production, which remains near pre-war levels. The price cap has redirected Russian oil to Asian markets. Despite weak demand at the start of 2023, a significant recovery is expected, driven by China's economic reopening and increased jet fuel demand. This could shift the market from surplus to deficit as the year progresses.

What factors are contributing to the current surplus in the oil market?

How has Russian oil production affected global oil supply?

What are the expectations for oil demand in 2023?

What challenges are anticipated in meeting the recovering demand for jet fuel?

What could lead to a shift from surplus to deficit in the oil market as the year progresses?